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Australian-owned Buccaneer Energy says it will have its jack-up rig in Cook Inlet by next spring, joining the Escopeta Oil jack-up rig that arrived recently.
Buccaneer subsidiary Kenai Offshore Ventures LLC has executed a binding purchase agreement with Transocean Offshore Resources to acquire the Adriatic XI jack-up rig, Buccaneer announced Sept. 1 in a press release.
The rig will be modified to deal with Alaska offshore conditions and moved to Cook Inlet in April or May 2012, spokesman Dean Gallegos said. The first well to be drilled in the Inlet will be Buccaneer's Southern Cross prospect, which is in about 50 feet of water.
The purchase price is $68.5 million. Kenai Offshore Ventures is funding $6.85 million for the purchase with...